Pressure builds on EUR/CHF as key support level faces retest – Société Générale
EUR/CHF is clinging to key support at 0.9210, the lower boundary of its long-standing range. While the decline has paused, a clear move above the 200-DMA (0.9410/0.9430) is needed to confirm a short-term recovery. Failure to hold current levels risks a deeper slide toward 0.9155 and potentially 0.9050/0.9025, Société Générale's FX analysts note.
EUR/CHF holds crucial 0.9210 support
"EUR/CHF has recently tested the lower limit of the range withing which it has evolved since last August at 0.9210. This is a crucial support. The decline has stalled but the pair must establish beyond the 200-DMA at 0.9410/0.9430 to confirm a short-term bounce."
"If the pair fails to defend 0.9210, there could be a risk of extension in the phase of downtrend. Next objectives could be located at projections at 0.9155 and 0.9050/0.9025."
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